HARNESSING THE POWER OF AI FOR POSITIVE CHANGE: HOW BUSINESSES CAN DRIVE SUSTAINABILITY AND SOCIAL PROGRESS

Abstract

The lack of access to financial services, often termed financial exclusion, acts as a major roadblock to poverty reduction and economic growth. Social entrepreneurs, who bridge this gap by providing financial tools to marginalized communities, face limitations in their reach. This paper explores how Artificial Intelligence (AI) can become a powerful tool for financial democracy. By leveraging AI, social entrepreneurs can extend financial inclusion to underserved communities more effectively.

This paper delves into the potential of AI-powered solutions like alternative credit scoring, automated loan management systems, and tailored financial products. These tools can unlock financial access for the "last mile" – those who have traditionally been excluded from the formal financial system. However, the paper acknowledges the challenges associated with AI adoption, including data privacy concerns and the potential for algorithmic bias. To achieve a truly inclusive and equitable financial system, the paper emphasizes the importance of responsible development and implementation of AI solutions.